The past 12 months have been difficult for many people in tech. Some of the largest companies in tech ended 2022 or started 2023 by unleashing massive layoffs. Meanwhile, certain tech segments (such as the video game industry) have steadily reduced headcount throughout the year. How is that trend impacting key factors such as tech salaries and the overall demand for tech talent?
That’s a complicated question, obviously, but the End of Year Pay Report from levels.fyi, a website that crowdsources tech compensation data, suggests that any economic turbulence in the tech industry hasn’t negatively impacted salaries; in fact, pay for many key roles (such as hardware engineer, product manager, and software engineer) rose between the first and second half of the year. Check out the chart:
Rising salaries hint at rising demand for particular roles. It’s important to remember that, despite this year’s layoffs and fears over a possible recession, companies still need a variety of tech professionals to carry out digital transformations and fulfill their strategic roadmaps. Managers everywhere need apps built, networks secured against internal and external intrusion, and cloud features deployed. If you have the right skills, chances are good you’ll have your pick of opportunities.
As you plot out your career strategy for 2024, keep in mind that specializing in cutting-edge technologies can boost your chances of promotion or landing a new, possibly higher-paying position. According to a report from consulting firm McKinsey, here are some of the biggest technology categories primed to get even bigger:
- Applied AI
- Next-generation software development
- Cloud and edge computing
- Trust architectures and digital identity
- Future of mobility
If you’re a developer or engineer, ‘next-generation software development’ includes:
- Low- and no-code platforms
- Infrastructure-as-Code
- A.I.-generated code and A.I.-based testing
- Microservices and APIs
- Automated code review
By specializing in key skills, you’ll boost your earning potential and have an even greater impact on your organization.
